Navigator Company Sa · EURONEXT:NVG
Navigator Company Sa — The Navigator Company — H1 2026 Earnings Presentation
20 slides from Navigator Company Sa's earnings presentation, Jul 28, 2026
Slide 1: Results Presentation First Half 2026
RESULTS PRESENTATION First Half 2026 July 28th, 2026
Slide 2: Disclaimer
DISCLAIMER This presentation is intended to provide a general overview of The Navigator Company S.A.’s business and does not purport to deal with all aspects and details regarding The Navigator Company S.A.. Accordingly, no representation, undertaking or warranty, expressed or implied, is given by T
Slide 3: Participants
Executive Directors PARTICIPANTS António Redondo Fernando Araújo Nuno Santos João Lé Dorival Almeida António Quirino Soares Investor Relations Ana Canha 3
Slide 4: Highlights
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Slide 5: Q2/H1 2026 Results: Short-Term Operational Impacts, Long-Term Value Creation
Q2/H1 2026 RESULTS Short-Term Operational Impacts, Long-Term Value Creation • 1. Temporary operational impacts weighed on H1 performance ▪ Weather-related operational constraints in Portugal (Q1) Packaging, 6% (vs. 4%) ▪ Extended maintenance shutdowns to deliver strategic investments (Q2) Paper, 57%
Slide 6: Financial Highlights - Sound Financial Position
FINANCIAL HIGHLIGHTS - SOUND FINANCIAL POSITION EBITDA improved by 21% QoQ, reflecting pricing recovery and ongoing cost discipline, despite temporary volume constraints Q2 2026 Q1 2026 QoQ H1 2026 H1 2025 YoY Millions € Turnover 442 427 +4% 869 1 019 -15% EBITDA1 79 65 +21% 143 216 -34% Net Profit
Slide 7: EBITDA YoY Analysis
EBITDA YOY ANALYSIS Price EBITDA reflected temporary volume constraints and external cost pressures, Prices recovered gradually partially offset by ongoing efficiency measures from December lows, although average levels remained below H1 2025 levels M€ Volume -73 Sales volumes below last year’s (-34
Slide 8: Debt Maturity and Liquidity
DEBT MATURITY AND LIQUIDITY Our strong capital base and financial flexibility position us well to continue our transformation into a higher-value, more diversified company Total debt: € 873 million Average Maturity: 5.2 years (vs. 5 years in Dec. 2025) 592 Our debt profile remains comfortable, with
Slide 9: Responsible Investment
RESPONSIBLE INVESTMENT Across all businesses, positively impacting profitability, supporting Strategic capex 2023-H1 long-term growth and building a more sustainable future 2026 nearing completion driven by NextGen projects Capex* (M€) Capex Sustainable M&A Tissue Ejea M&A Tissue UK supporting susta
Slide 10: Market & Group Performance
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Slide 11: Pulp & Paper Prices
PULP & PAPER PRICES Pulp prices strengthened in H1 2026, while UWF prices remained below recent years PIX A4 COPY-B (EUR/t) PIX BHKP CHINA (USD/t) 1500 1500 ▪ PIX BHKP ended the semester at $1,409/t, 1300 1300 maintaining a positive trend, with prices increasing 27% in Europe and 7% in China 1100 11
Slide 12: P&W Paper Market
P&W PAPER MARKET UWF Remains Most Resilient Segment Due to Versatile Uses Operating Rate INDUSTRY NAVIGATOR •Global Demand for P&W Papers1 excl. NVG (Production / Capacity) 2 •Global apparent demand P&W papers:-1% Navigator was able to 90% ▪ UWF:+0.4%; CWF:-2%; mechanical:-3% outperform once again 8
Slide 13: Pulp Market
PULP MARKET Market Constrained by Overcapacity and Weak Demand Across Pulp & Paper Demand1 Global demand: Global Pulp Demand1 ▪ -2% Bleached Chemical Pulp; -2% Hardwood; -2% Eucalyptus Pulp. 28.3 27.7 % EUCA In Europe, despite the decline in BHKP consumption, Eucalyptus Pulp continued to demonstrate
Slide 14: Tissue Business: Innovation & Differentiation
TISSUE BUSINESS Type (vs. H1 2025) Consolidates Growth and International Expansion Finished Product 99% (vs. 97%) Reels 1% TISSUE MARKET1 Innovation & Global apparent demand: +1.6% YtD April (vs. 2%) ▪ Europe: -0.4% Differentiation Segment (vs. H1 2025) Iberia Operation At Home 84% ▪ Fully integrate
Slide 15: Packaging – From Fossil to Forest
PACKAGING – FROM FOSSIL TO FOREST Strong Results Driven by Demand for Sustainable & Low-Grammage Products Eucalyptus MARKET1 European deliveries up 2.8% YtD May (MF + MG) Globulus PACKAGING: 6% OF GROUP SALES Printing Quality ▪ Packaging growth since 2020 built on repurposed UWF assets, with very lo
Slide 16: Takeaways
TAKEAWAYS 1. +21% EBITDA QoQ as pricing recovery and cost discipline gained traction: ▪ Q2 maintenance shutdowns leveraged to accelerate industrial projects ▪ Positioned for growth: price increases gaining traction across businesses 2. Strategic investments and diversification support long-term valu
Slide 17: Leveraging Our Eucalyptus Expertise
LEVERAGING OUR EUCALYPTUS EXPERTISE to create new products, applications and growth opportunities Biomaterials, Bio-based Tissue Packaging Paper chemicals and Renewable fuels Value-added and functional Advanced barrier Differentiated paper solutions, Among the opportunities within our tissue product
Slide 18: Outlook
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Slide 19: Outlook
OUTLOOK Pricing recovery and efficiency gains gaining traction, while short-term market volatility persists PULP PAPER TISSUE PACKAGING ▪ Pulp prices are expected to stabilize ▪ Several announced P&W price ▪ Demand remains buoyant and is ▪ The Packaging segment through 2026, supported by tighter inc
Slide 20: Results Presentation First Half 2026
RESULTS PRESENTATION First Half 2026 July 28th, 2026
The Navigator Company — H1 2026 Earnings Presentation on 6ix